Solana prices rallied Monday, November 18, attaining their loftiest value since late 2021 as bullish sentiment drove gains. The SOL token, which is the native digital asset of the high-performance Solana blockchain, approached $250.00, according to Coinbase data provided by TradingView. At this point, the cryptocurrency was trading at its highest in more than three years, additional Coinbase figures reveal. Alice Liu, head of research for CoinMarketCap, spoke to the strongperformance the SOL token has experienced recently. “Solana was up 9.9% for the past 7 days, and was approaching $250 on the 18th November, marking its highest point in over three years. This rally can be attributed to several factors,” she said via emailed comments. “First, the market is buzzing with anticipation as Solana nears its all-time high of $260 from November 7, 2021,” stated Liu. “As the price inches closer to this significant milestone, momentum is building, and traders are eager to see SOL break this record, fueling positive market sentiment. Open Interest for SOL has also been building up to a current high level of $5.61billion, signifying a very active market,” she noted. “Additionally, the meme coin market has experienced a major boom over the past week, with record trade volumes and the launch of numerous new projects,” Liu added. “A large portion of this activity has been centered around Solana, driving both its popularity and trading volume. This surge in meme coin activity on the Solana network has further elevated interest and excitement surrounding SOL,” she concluded.
